Empirical Insights: Fintech’s Role in Financial Inclusion and Addressing Income Inequality
Author : C Srividhya, Dr. M Nirmala and Hidayathulla N
Abstract :
Purpose: This paper examines the connections between economic inequality in India, financial inclusion, and financial technology (FinTech), aligning with the G20 High-Level Principles for Financial Inclusion and the UN 2030 Agenda for Sustainable Development.
Methodology: Using panel data and Global Findex survey data from 2014, 2017, and 2021, the study employs correlation and regression analysis. FinTech is measured through mobile money accounts and digital payments, while financial inclusion is gauged through savings, account holdings, borrowings, and financial institutions.
Findings: The findings indicate that FinTech's influence on financial inclusion significantly mitigates income disparity. FinTech's role in promoting financial inclusion and reducing economic inequality is crucial, supporting the objectives of the G20 and UN 2030 Agenda.
Conclusion: The study reveals the interconnectedness of FinTech, financial inclusion, and economic inequality. It underscores the importance of leveraging FinTech to enhance financial inclusion and reduce income inequality, in line with international development goals.
Keywords :
Financial instruments; depository institutions and personal income.
